Park Avenue Securities Allegedly Sold Unsuitable Investments

Park Avenue Securities LLC (CRD#: 46173, New York, New York) is a brokerage firm regulated by Financial Industry Regulatory Authority and investment adviser firm regulated by the Securities and Exchange Commission. Soreide Law is reviewing possible investor claims of unsuitability against Park Avenue Securities LLC brokers Jason Tyler Drake, David R. Richards or William Arnold Combs. Those brokers have made the following disclosures of investor complaints.

May 17, 2017 Complaint Regarding Jason Tyler Drake

Jason Tyler Drake (CRD#: 4185320, Charlotte, North Carolina) is a securities representative of Park Avenue Securities LLC. He worked for the firm between August 28, 2013 and May 17, 2017. During Jason Tyler Drake’s employment, he serviced a customer’s account in a way which apparently caused the customer to file a complaint. Specifically, Jason Tyler Drake’s FINRA BrokerCheck Report shows that on March 16, 2017, a customer filed a complaint with the firm about life insurance policies purchased in connection with the customer’s managed advisory account.  According to the complaint, Jason Tyler Drake allegedly put the customer in investment (or life insurance) strategies which were inappropriate. His investment strategies allegedly failed to meet the customer’s investment needs.

All things considered, Park Avenue Securities LLC’s parent company, Guardian, opted to settle the customer’s claim. It agreed on June 7, 2017 to pay the customer $27,321.49. Jason Tyler Drake’s employment ceased after the customer filed the complaint. He is now a Pruco Securities LLC registered representative in Charlotte, North Carolina.

March 13, 2018 Complaint About David R. Richards


David R. Richards (CRD#: 5160220, Madison, Wisconsin) is a Park Avenue Securities LLC broker. David R. Richards has been employed at Park Avenue Securities LLC since March 20, 2018. David R. Richards made unsuitable investment recommendations, according to a customer. Specifically, a Park Avenue Securities customer complained on March 13, 2018 about David R. Richards’s advice. Allegedly, David R. Richards urged the customer to exchange her annuities into an investment advisory account. The customer claimed that the advice to exchange the annuities for investments in mutual funds was not appropriate. The firm settled the customer’s claim on August 20, 2018, and David R. Richards personally contributed funds towards the settlement.

March 10, 2018 Complaint Regarding Broker William Arnold Combs


William Arnold Combs (CRD#: 6275219, La Jolla California) is another Park Avenue Securities broker whose sales practices a customer criticized. William Arnold Combs’s FINRA BrokerCheck report shows that a Park Avenue Securities customer brought a complaint on March 10, 2018. The customer claimed that William Arnold Combs misrepresented information about the purchase of variable annuities, traditional fixed life insurance, and an investment advisory account. Not only that, but the customer stated that William Arnold Combs sold the customer unsuitable annuities, insurance and investment products. After reviewing the customer’s claims, on June 26, 2018, Park Avenue Securities’ parent company, Guardian, paid the customer $197,000.00. The firm denies any wrongdoing.


Park Avenue Securities Disclosures

FINRA BrokerCheck shows that Park Avenue Securities LLC has made 17 disclosures regarding allegations and findings against the firm of regulatory infractions and sales practice violations. On many occasions, customers of Park Avenue Securities LLC have named the firm or its brokers in investment-related disputes alleging the firm or its brokers engaged in sales practice violations. Some of those disputes, as demonstrated above, allege that Park Avenue Securities or the broker was responsible for selling customers unsuitable investments, and misrepresenting the risks, terms or features of investments.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

If you experienced losses on your investments because of Park Avenue Securities brokers Jason Tyler Drake, David R. Richards or William Arnold Combs, contact Soreide Law Group at (888) 760-6552 and speak with our qualified counsel about a possible recovery. Soreide Law Group represents clients nationwide and only charges a fee upon recovery of losses.